Blockchain and technology for publishing

Blockchain technology isn’t widely used in publishing yet, but that doesn’t make it useless. As these industries have shifted to the digital space, publishing companies, academic journals, self-publishers and writers will gain significantly from blockchain technology.

The sale and purchase of material and the completion of online transactions are the cornerstones of online magazines and e-books. Blockchain and digital publishing are therefore a perfect fit. Here’s how blockchain could revolutionize the e-book market. We will also outline the major challenges companies face with blockchain.

Blockchain’s role in publishing

Here’s how blockchain could revolutionize the e-book market.

Better payment system

All parties will feel the benefits of blockchain technology. The blockchain database regulations will compensate designers, editors and other stakeholders. In addition, blockchain technology allows permanent tracking and linking of an individual’s contribution to the promotion of publication.

Smart contracts enable digitization and automation of a wide range of processes. As a result, without the manual assistance of human intermediaries, people and organizations can trade with each other.

Improved security

The global smart wallet market size is projected to grow at a CAGR of 5% by 2030. Blockchain can guarantee a secure payment method for publishers and authors through smart wallets. These encrypted wallets will be able to work with cryptocurrencies or tokens. Publishers can only use the tokens and cryptocurrencies that can be used in an ecosystem for a project.

Blockchain can also be used to develop encrypted smart wallets that are more secure than any other form of wallet currently available. These wallets make payments without going through an intermediary such as Google Play or iTunes. This technology has made payments easier and safer than ever before.

Streamline digital property management

By granting intellectual property rights, blockchain can serve as a stimulus for the growth of digital publishing platforms. In addition, this technology prevents readers from selling or simply sharing the magazine with others.

Some digital e-kiosks, such as PressPad Store, use similar ideas to prevent uncontrolled distribution of publications. People cannot share or publish the material on pirate sites for others to download for free. They can only read in the browser without downloading a PDF file.

These publishing methods prevent individuals from sharing content with others and authors from collecting royalties on secondary sales.

Challenges

Blockchain technology offers many opportunities for the publishing industry. However, it also poses a few roadblocks. One of the most critical challenges is the basic criterion for standardization. Companies must have an established framework of processes and guidelines to incorporate this technology. Moreover, mutual consent is also a must among all stakeholders.

The bottom line

Cooperation and teamwork across the business is crucial for this to be successful. Because the technology is still in its early stages, it is unknown whether it can handle the huge volume of transactions generated by the publishing industry.

Further research and development will ensure that blockchain technology meets industry expectations. However, with blockchain technology’s ongoing growth and advancement, we can expect to see more creativity and competitiveness in the publishing industry in the coming years.